CORPORATE FORTUNES

Intel Extends Mobileye Reach With US$900M Moovit Deal

Cars in the Mobileye fleet of autonomous vehicles leave the Mobileye garage for test drives Tuesday, Nov. 5, 2019, as part of the 2019 Mobileye Investor Summit. Mobileye, an Intel company, hosts its 2019 Investor Summit at its headquarters in Jerusalem. (Credit: Walden Kirsch/Intel Corporation)
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Intel confirmed reports regarding an acquisition of transport app company Moovit, with a US$900 million move expected to accelerate its journey to become a leading mobility technology provider.

In a statement, Intel announced Moovit will join its Advanced Driver Assistance Systems (ADAS) provider Mobileye upon closure of the deal, while retaining its brand and existing partnerships.

The company said the acquisition will allow Mobileye to use Moovit’s “large proprietary transportation dataset to optimise predictive technologies based on customer demand and traffic patterns”.

Intel’s subsidiary will also have access to data from Moovit’s repository of “more than 7,500 key transit agencies and operators”, with the move also expected to “improve the consumer experience” for the Israel-based company’s “more than 800 million users worldwide”.

Moovit co-founder and CEO Nir Erez offered assurances it would continue operating as a standalone company: the deal will provide users with “a wider range of mobility alternatives”, including options combining public transport, pushbikes, scooters, taxis “and (ultimately) Mobileye’s fleets of self-driving vehicles”.

He added the company will deliver improved urban mobility insights, powered by AI and big data.

Erez will continue to run Moovit as CEO, while taking additional roles as an EVP at Mobileye and an Intel VP.  –https://www.mobileworldlive.com

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